Home Buying in Fort Worth>Question Details

Sondra Simps…, Home Buyer in North Richland Hills,...

I owe just under 50k on a home with a 7.125% interest rate. I want to refinance. My credit score is between 750-770. Do I have any options?

Asked by Sondra Simpson, North Richland Hills, TX Tue May 7, 2013

I owe 48790. The house is located in Mississippi.

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Answers

3
Hello Sondra,

With only $50K owing on your mortgage, it's a little difficult to be within Section 32 limitations. If you are wanting to pull any cash out to help payoff any debts and cut your loan term to 15 years or lower, then now is the time as you will NOT find any cheaper money to borrower. If you plan on refinancing I would do it quickly the rates took a really good hit over the past couple of weeks and it appears that will continue to climb. I am in Southlake, Texas if you require any assistance. Please contact me if you have any questions.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Fri Jun 21, 2013
Sondra:

You could refinance, as mentioned below some lenders may not do loans under $50K.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Tue May 7, 2013
Hi Sondra
You will need to speak directly with a mortgage lender. That said the only challanges could be the small size of the new mortgage, some banks do not lend that small of an amount and possibly your income which you did not share. Best of luck to you!

John Straub
0 votes Thank Flag Link Tue May 7, 2013
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